Comcast Corp (CMCSA) PT Lowered to $28 at Wells Fargo

Wells Fargo analyst Steven Cahall lowered the price target on Comcast Corp (NASDAQ: CMCSA) to $28.00 (from $29.00) while maintaining a Underweight rating.

The analyst comments "CMCSA appears undervalued pro forma for the separation, though we think investors are incorrectly focused on Media M&A vs. Cable. Timing for more deals is uncertain. We think fundamentals on the call will skew slightly negative btw b'band & Parks. Spin up, wind down. CMCSA shares retraced most of the NBCU+Sky spin announcement move w/ the shares +6% over last 5-days (SPX +2%). Investors are curious as to why. One reason could be that fears around broadband are limiting investor appetite with the spin ~1 year away. A second unknown is whether there's a ~2-year safe harbor before any additional deals could be pursued. We think the current price implies NBCU+Sky at 6x CY'27 EV/EBITDA assuming Comcast at 5x (same as CHTR)."

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